U.S. questions effectiveness of "sanctions bill from hell"

Since 2014, the Russian economy has adapted to the restrictions, so the effectiveness of the U.S. "sanctions bill from hell " is in doubt, according to The Wall Street Journal.

The article's author Josh Ulick believes that Moscow has taken the necessary anti-sanctions measures. Moreover, the "sanctions bill from hell", as Senator Lindsey Graham described it, could also affect Europe.

"The EU is reliant on Russia for more than a third of its natural gas imports. As of January, the U.S. and Europe weren’t weighing sanctions against Russian exports of oil and natural gas directly, given the concern that doing so could increase already high energy costs in Europe. However, President Biden said he would consider blocking the opening of the Nord Stream 2 pipeline that would deliver Russian gas to Germany,' he wrote, adding that Russia has made efforts to diversify, expanding ties with China. 

According to the journalist, Moscow has been working to bolster its finances, which could help cushion the economy and keep the government funded in the event of sanctions. He noted that Russia has run a conservative fiscal policy and has trimmed debt relative to other countries such as the U.S. and its European allies.

"Russia has used oil and gas revenue to build up its stock of gold and foreign currency since the 2014 Ukraine crisis. Moscow could use these to help support the ruble, if sanctions cause the currency to collapse, or to help cover government expenses," Ulick noted.

"Many of the sanctions enacted after 2014 were more targeted, aimed at individuals or entities such as those tied to the Russian military and its annexation of Crimea. While newly proposed sanctions are more far-reaching, Moscow has also had time to retool its economy, making it more resistant to punitive measures, so the ultimate effectiveness of sanctions remains uncertain," he concluded.